Does business group affiliation matter for external debt finance? Evidence from India

被引:3
|
作者
Khatua, Apalak [1 ]
机构
[1] XLRI Xavier Sch Management, Strategy Area, Jamshedpur 831001, Jharkhand, India
关键词
Business groups; Capital structure choices; Financial constraints; Costs of debt; Economic reforms India; CAPITAL STRUCTURE; INVESTMENT DECISIONS; CORPORATE GOVERNANCE; OWNERSHIP STRUCTURE; EMERGING MARKETS; COST; LIBERALIZATION; DETERMINANTS; PERFORMANCE; FIRMS;
D O I
10.1057/s41291-017-0021-7
中图分类号
F [经济];
学科分类号
02 ;
摘要
We investigate in the Indian context how developing-economy business groups make capital structure choices during economic reforms. Using eighteen years of panel data, we find a general trend towards deleveraging, reduced access to deficit financing, and higher costs of debt financing for group-affiliated firms. We further find that the first two of these trends are more pronounced for firms affiliated with large business groups. Our findings contribute to resource-dependence theory by demonstrating that the size of business groups is positively related to their ability to better manage environmental interdependence and uncertainty during economic reforms.
引用
收藏
页码:290 / 322
页数:33
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